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truck
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Re: Owning / Financing Your Own Land
[Re: hydraporter]
#1446940
09/11/15 10:50 AM
09/11/15 10:50 AM
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Joined: Mar 2011
Posts: 838
Baldwin County
walt4dun
6 point
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6 point
Joined: Mar 2011
Posts: 838
Baldwin County
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I guess Im not understanding what the fuss is about.
I can certainly understand the lender's point of view.
Example
100k property w/ 50k of timber value.
20% down = 20k
Loan = 80k
You clear cut it & don't apply the proceeds to the principal.
Property's market value is 50k.
Bank is upside down on their collateral.
You are 30k in the black if you walk away.
Last edited by walt4dun; 09/11/15 10:54 AM.
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